Reinvestigation launched into the case of a wealthy businessman from Nghe An province who allegedly misappropriated 42,000 shares.

Many issues in the case of Mr. Thai Luong Tri's embezzlement of shareholders' assets remain unresolved, so the court has not yet been able to deliver a verdict.

After four days of trial and deliberation, the Hanoi High Court today returned the case file for further investigation into the case of Thai Luong Tri (Chairman of the Board of Directors of Lao-Viet Mineral Joint Stock Company) and Duong Xuan Hai (Deputy Director) for forging seals and documents of agencies and organizations, and abusing trust to misappropriate assets. The appeal trial was opened because Mr. Tri and Mr. Hai appealed, claiming innocence.

The appellate court ruled that the investigation and trial at the first instance were incomplete, and therefore overturned the entire previous verdict of the Hanoi People's Court, which sentenced Tri to 18 years and Hai to 15 years for the two crimes.

Regarding the charge of forging seals and documents of organizations, the appellate court requested clarification on whether the black seal Mr. Tri used to stamp 38 company documents was genuine. While the defendants claimed the black seal was real, the investigating agency determined it was fake. "It is necessary to clarify the registration, engraving, and issuance dates of this black seal," the appellate court stated.

Regarding the charge of abuse of trust and misappropriation of assets, during the interrogations and debates, the lawyers defending the civil plaintiffs, Thai Duong Vocational Training Services Joint Stock Company and Thien Phu Limited Liability Company, argued that their clients had signed investment cooperation agreements with Mr. Tri in the Huoi Chun ore mining project (Laos), as evidenced in the capital contribution documents. The shareholding ratios of the four parties were divided as 37%, 18%, and 10% respectively (the Laotian partner held 35%). This capital contribution was considered direct according to the 2005 Investment Law, as these two companies had contributed over 20 billion VND to the project (as shown in the payment receipts). Meanwhile, the representative of the Vietnamese Ministry of Planning and Investment argued that the capital contribution of the two companies to Mr. Tri was indirect. The court deemed it necessary to clarify this issue.

Along with several other requests from the defense lawyer, the panel of judges found that the matter could not be clarified immediately in court, so they partially accepted the appeal, overturned the first-instance judgment, and ordered a reinvestigation.

Mr. Thai Luong Tri (left) and Duong Xuan Hai at the appellate court.

According to the first-instance judgment, on November 12, 2004, Mr. Tri (director of Thai Duong Nghe An Company) signed a contract with Thao Oong Kham Mineral Exploitation Company, headed by Mr. Oong Kham Sivilay (Lao nationality, director), to explore, exploit, and process ore at the Huoi Chun mine for a period of 30 years.

Later, Mr. Tri's company was granted a license to invest abroad by the Vietnamese Ministry of Planning and Investment. In Laos, Mr. Tri also received...He granted permission to establish a joint-stock company in Laos and Vietnam specializing in mineral resources. Mr. Tri instructed his subordinate, Duong Minh Hai (deputy director), to go to Laos to prepare the necessary documents for obtaining a business license and a separate seal for the mineral company.

In early April 2008, Hai gave Tri a seal bearing the inscription "Lao-Viet Mineral Company" (a black seal), made by a contact in Laos, for his use. However, a month later, the police in Vientiane (Laos) announced the removal of this seal and requested its return because it lacked a permit for use.

According to the court, Mr. Tri continued to use this seal, stamping it on 38 official documents of the Lao-Vietnamese mining company, which were sent to relevant authorities in Laos and Vietnam… The actions of Tri and Hai constituted forgery of seals and documents of organizations and agencies.

Based on the business contract with Thao Oong Kham Mineral Company, Mr. Tri signed agreements with Thai Duong Vocational Training Services Joint Stock Company (Mr. Doan Van Huan as director) and Thien Phu Limited Company (Ms. Chu Thi Thanh - director, representative) to jointly implement the project, with a total capital of 1.5 million USD. By November 12, 2007, Thai Duong Vocational Training Company had contributed over 10 billion VND, and Thien Phu had contributed over 11 billion VND.

In a submission to the Lao Ministry of Planning and Investment, the companies renegotiated the ownership and capital contribution ratios as follows: Thao Oong Kham Company (Laos) 35% of shares, Thai Duong Nghe An 37%, Thai Duong Vocational Training 18%, and Thien Phu 10%. Based on this submission, the Ministry granted permission to establish the Lao-Viet Mineral Joint Stock Company Limited, clearly defining the shareholders and their shareholding ratios.

The trial court concluded that Mr. Tri saw significant benefits from the project, and that his family had invested considerable effort into the mining project, leading him to conceive the idea of ​​seizing all the shares and assets of Mr. Huan and Ms. Thanh.Mr. Tri borrowed shares from Mr. Huan and Ms. Thanh to meet the "structural requirements" to be elected chairman of the Board of Directors of the Lao-Viet Mineral Exploitation Company.

To completely remove Mr. Huan and Ms. Thanh from their shareholder status, Mr. Tri instructed Hai to draft a proposal to the Lao Ministry of Planning and Investment requesting permission to establish a Lao-Vietnamese joint venture mineral company. Tri would be the director of this new company, holding 65% of the shares, while Mr. Kham would hold 35%.

Following instructions, Hai only included Mr. Tri's name as the Vietnamese shareholder and Mr. Oong Kham Sivlay as the Lao representative in this submission to the Lao Ministry of Planning and Investment. Hai's actions were determined to have helped Mr. Tri seize 42,000 shares belonging to Mr. Huan and Ms. Thanh.

The trial court stated that the plaintiffs' shares had been restored, but since the project at the Huổi Chừn mine was still suspended, it requested that the authorities consider granting overseas investment certificates to the businesses.

According to VNE